Market participants include Members of the Section and Clients of Members of the Section. There are 5 categories of membership in the Section:

• General Clearing Members (GCM);
• Individual Clearing Members (ICM);
• Associated Clearing Members (ACM);
• General Trading Members (GTM); and
• Individual Trading Members (ITM).

The categories of membership differ in the rights to provide trading services to market participants and effect settlements with the Clearing organization.

Individual Trading Members of the Section can carry out transactions only on their own behalf and at their own expense, while other Members can also serve Clients. Only Clearing Members can effect settlements for the results of trading directly with the Clearing organization. Trading Members pay for their obligations through General Clearing Members.

The activities of Associated Clearing Members are regulated by those clauses of the Rules which apply to Individual Clearing Members, except for special cases. An Associated Clearing Member can carry out transactions only in derivative instruments put on a special list, which the Exchange Council adopts for this purpose.

Admission to membership in the Section

• To be admitted to membership in the Section, a legal entity must submit to the MICEX a membership application, prepared in accordance with the established format (Appendix 05 to the Rules of the Section). Attached to the membership application is the "package of documents stipulated by the Rules of the MICEX Derivatives (Standard Contracts) Market".
• The MICEX Exchange Council takes a decision about admitting a candidate, as a rule, on the recommendation of the Council of the Section.
• After the MICEX Exchange Council decides to admit a candidate, the MICEX signs the Agreement of membership in the Section, submitted by the candidate to the MICEX.

The organization, which carries out exchange transactions in derivatives, and its authorized representative (trader) in exchange trading must hold appropriate Licenses granted by the Commission for Commodity Exchanges.

Admission of Members to trading

To be admitted to trading in derivative instruments, a Member of the Section must:

• pay the entrance fee;
• be accepted for clearing service on the MICEX:
• fulfill the conditions of clearing service, including:

  for Clearing Members:

  • set up accounts with the MICEX Settlement House, which are necessary for settlements for the results of clearing for operations connected with carrying out transactions in derivatives instruments,

  for Trading Members:

  • be accepted for settlement service by one of General Clearing Members of the Section;
    
    
• accredit at least one representative as a trader.

Technical Access

Possible methods of Members' technical access to trading:

1. Obtaining a seat in the Section's trading floor.
2. Using CMA's remote workplace.(www.cma.ru)
3. Using remote access via the Internet.

Clients of Members of the Section can participate in trading in the Section through a Member's broker system, connected to the MICEX trading system.

See information about the Internet-based trading on the MICEX: http://www.micex.com/etrade/

Members' Clients

• An individual or a legal entity can participate in trading in the Section as a Member's Client.
• A Member of the Section registers individuals or legal entities with the Clearing organization as his Clients and carries out transactions on their instructions.
• A Member of the Section keeps records of transactions carried out on the Client's instructions in separate clients' trading accounts, set up with the Clearing organization.
• The terms and the order of trading service, provided by a Member to his Client, are determined by both parties.
• The Rules of conducting clearing activities in the MICEX Derivatives (Standard Contracts) Market Section stipulate requirements to trading service provided by a Member to his Client. These requirements are aimed at protecting the interests of Clients.

How to become a Member's Client

• Both legal entities and individuals can become Clients of Members of the Section.
• To become a Member's Client, it is necessary to conclude with the Member an agreement of trading service. The Member can not be in "Individual Trading Members" category.
• By trading service is meant the concluding of transactions by a Member on the instructions of the Client.
• When carrying out Clients' instructions, Members of the Section conclude transactions on their behalf.